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Global Steel Production Stable On Year In Oct: Worldsteel

Global crude steel production totaled 147.3 million mt in October, stable year on year, but down 2.9% from September to an eight-month low, according to World Steel Association data published Nov. 22.

This brought total production for the first 10 months of 2022 to 1.55 billion mt, down 3.9% on the year.

China produced 79.8 million mt in October, up 11% from a year ago, but down 8.3% from September and also at an eight-month low, making up 54.1% of total global crude steel output.

This brought January-October steel production in China to 860.6 million mt, down 2.2% year on year.

The world’s second-largest steel producer India also saw production grow 2.7% year on year in October to 10.45 million mt, which was also up 5.8% month on month, the data showed.

India’s cumulative January-October output also rose 6.1% to 103.8 million mt, according to worldsteel.

Japan’s October production was 7.35 million mt, down 11% on the year, but up 2.9% from September, with January-October output down 6.5% on the year to 75.2 million mt.

US output in October was 6.7 million mt, down 8.9% year on year but up 2.7% on the month, taking January-October production to 68.1 million mt, down 4.8% year on year.

Russia was estimated to have produced 5.8 million mt in October, falling 11.5% from October 2021, but up 3.3% month on month, bringing its estimated January-October output to 60.4 million mt, down 6.6% on the year, likely impacted by the Russia-Ukraine war and western sanctions.

South Korea produced 5.1 million mt of crude steel in October, down 12% year on year, but up 10% month on month, with the 10-month volume down 5% on the year to 55.7 million mt.

Europe January-October output down 9.3%

For Europe, including the UK and Turkey, crude steel production fell 17% on the year in October to 15.03 million mt, although this was 5.5% higher on the month and at a four-month high, the data showed.

Europe’s January-October volume was 155.5 million mt, dropping 9.3% on the year.

Germany, the largest steel producer in Europe, saw its crude steel production fall 14% on the year in October to 3.1 million mt, although this was up 11% on the month and also at a four-month high.

High energy costs have hit steel production, as well as demand, with the auto sector also still facing the ongoing semiconductor chip shortage.

In January-October, Germany produced 31.4 million of crude steel, down 6.9% year on year, the data showed.

Domestic prices for hot-rolled coil in Europe have been weakening since the second half of March on low demand, with Platts assessing domestic HRC prices in Northern Europe at Eur615/mt ex-works Ruhr Nov. 21, down 33% since the start of 2022, according to S&P Global Commodity Insights.

Turkey October production down 18% on the year

Turkey saw the largest year on year fall in October, down 18% year on year to 2.9 million mt, according to the data, although this was up 7% from September’s volume. Ten-month production was down 10% on the year to 30.2 million mt.

Brazil produced an estimated 2.8 million mt in October, down 4.5% year on year, but up 3.3% from September, while Iran’s monthly output was 2.9 million mt, up 3.5% on the year and 4.7% higher than the previous month.

Brazil’s January-October estimated production fell 5.2% on the year to 28.7 million mt, while Iran’s output for the 10-month period rose 9% to 25.1 million mt.

October production of pig iron from 38 countries was 104.5 million mt, up 3.1% year on year, the data showed, while direct reduced iron produced worldwide amounted to 9.3 million mt, up 8.4% year on year, the data showed.

Pig iron output over the January-October period totaled 1.1 billion mt, down 2.2% year on year, while DRI production for the period rose 7.6% on the year to 91.9 million mt.

Crude steel data covers the 64 countries that report to worldsteel, accounting for about 98% of the world’s crude steel production.

original source: https://www.win-road.com/news/global-steel-production-stable-on-year-in-oct-worldsteel/

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